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MY HOME LOAN TYPE GUIDE

Non Conforming Loan:

Non Conforming Loans have been designed for borrowers that have had some difficulty in maintaining a good credit history in the past. Such borrowers might experience difficulty in obtaining a home loan with a main stream bank.

In addition to poor credit history a bank also looks at borrowers that may be self employed and not able to show adequate and consistent income or adequate documentation as a credit risk. Other banks will consider a poor employment history as a high credit risk and may not approve an application for a loan.

There are certain lenders that will lend to such borrowers. The Non Conforming Loans have higher establishment fees and are also usually charged at a higher interest rate.

Non Conforming Lenders have different lending criteria than main stream banks.


Disclaimer: The above is a generic representation only. It does not constitute financial advice or mortgage structuring advice. It is only to be used as a guide only. Please discuss your financial needs with a financial planner, accountant or your banking representative.

No reliance should be placed on the above information.

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